Why Is Zillow Being Sued & What Does It Mean to You?
Why is Zillow being sued by an Illinois homeowner? What does this mean for you if you’re selling your home?
Zillow has a Zestimate tool in their search feature which gives you their version of what they think your home is worth. Zestimates are based off an algorithm, and this Illinois homeowner claims that her home’s Zestimate devalued it and prevented her from selling it at the price she wanted. Apparently, her home had many things done to it to increase its value, but its Zestimate valued it at much less.
We run into a lot of clients daily who live and breathe by what they see online on Zillow, which is not the best way to get your resources. There is a method to the madness of coming up with an accurate price for your home, and a computer algorithm just doesn’t cut it.
For example, if you’re sick and you visit WebMD, you might get an idea of what’s wrong with you, but you’ll likely go to a doctor to get it fixed. The same logic applies to selling a house. Online websites are a good place to start, but the best thing you can do to get a proper, accurate valuation is call a real estate professional.
If you have any questions or are thinking about buying or selling a home in our market, don’t hesitate to give us a call or send us an email. We’d be happy to speak with you.